Mortgage Brokers – Help You Strike The Right Deal
01 Oct 2014 in Finance
Buying a property is a major decision. It is a crucial financial investment. But if you do not know where to start searching for a property, the mortgage broker is the first person who comes to mind. A broker is the link between the seller and the buyer. If a buyer decides to purchase a property on mortgage, the broker will liaise between the creditor and the buyer. You need a broker who can get you the best deal in the market.
All certified brokers are registered with the local regulatory authority. You will need a mortgage broker Mississauga for a short time. Still, you should check his qualifications and reputation before deciding to hire him. He should have the requisite knowledge and experience. He should be competent and reliable. On the website of the regulatory authority, you can find a list of all certified brokers. You should start your search from there. With the right research, it is easy to hire a good mortgage broker.
Brokers may have been hired by a bank to advise the buyers only on their products, so they are exclusive to that organization. Or, they may not be working for any specific bank and so, they can advise on a range of products which may belong to different banks. It is very important to do a background check on the bank which the broker is representing. It is always safer to do business with a reputed financial organization.
The buyer should ask the broker to advice about the best deal. Only if the broker is knowledgeable and competent will he be able to suggest the best financial option that suits the budget of the buyer. The more efficient and reliable a broker is, the smoother will be the process of buying the property.
You should be sure about what kind of service you expect from your mortgage broker. Some brokers prefer to work over the phone or the email while others may want to meet with you personally. Sometimes, the client also is content with long distance contact as long as his work gets done. But, keep in mind that you might have lots of queries and it involves a lot of paperwork. So if you have decided on a long distance mortgage broker, check their work timings and also their policies regarding customer service.
You should discuss the brokerage fees before you decide on the broker you want to hire. Some brokers expect to be paid by the hour. Some of them ask to be paid a lump sum for the job. There are others who might be working on a commission basis. So, the terms of payment should be clear before you hire the mortgage broker. The regulatory authority keeps a check on their methods of working.
You should beware of brokers who try to maintain their clientele and expand their customer base by offering gifts or discounts on the brokerage fees. On the other hand, the reputation of a good broker will precede him. It is easy to get their customer feedback which can tell you how good they are. Also, trust your own instincts. Choose a broker who can guide you properly while acquiring a property.